Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-10-16 10:32Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - Today, stock index fluctuated widely with different trends for large - and small - cap stocks. Large - cap index closed up, while small - and medium - cap index continued to decline. High - dividend sectors represented by banks and cyclical industries such as food and beverage and medicine led the rise, driving the large - cap index up [5]. - Trading volume continued to shrink. After two months, the trading volume of the two markets dropped below two trillion yuan, and the margin trading ratio also declined rapidly, indicating strong market wait - and - see sentiment. With lack of volume support and dull information, short - term volatile market will continue [5]. - Short - term trend trading is difficult to capture due to wide market fluctuations. Index futures cross - variety arbitrage can be tried. Considering market risk aversion suppressing small - cap stocks and the decreasing popularity of high - valued technology leaders, the relative advantage of large - cap index is expected to continue periodically [5]. 3. Summary by Relevant Catalogs Market Review - Stock index trends were mixed today. For example, the CSI 300 index closed up 0.26%. The trading volume of the two markets decreased by 141.721 billion yuan. In the index futures market, IF rose with decreasing volume, IH rose with increasing volume, and IC and IM fell with decreasing volume [3]. Important Information - On October 16, 2025, at the Sustainable Global Leaders Conference, Bi Xiaoying of the CSRC said that the CSRC will guide the Shanghai, Shenzhen, and Beijing stock exchanges to enrich the compilation guidelines based on the "Guidelines for Information Disclosure of Sustainable Development Reports of Listed Companies" according to enterprise needs, and conduct policy evaluation after mandatory disclosure next year to optimize the disclosure system [4]. - Trump claimed that India promised to stop buying Russian oil, and India responded that it prioritizes consumer interests. The Chinese Foreign Ministry opposed the US using China - related issues in trade negotiations [7]. Strategy Recommendation - Pay attention to the trading opportunity of going long on IF and short on IM [6]. Futures Market Observation | Index |主力日内涨跌幅（%）|成交量（万手）|成交量环比（万手）|持仓量（万手）|持仓量环比（万手）| | --- | --- | --- | --- | --- | --- | | IF | 0.38 | 15.3473 | - 0.2094 | 27.4819 | - 0.228 | | IH | 0.80 | 7.6311 | 0.5009 | 10.3884 | 0.6373 | | IC | - 1.01 | 15.8548 | - 2.4066 | 25.3051 | - 0.8459 | | IM | - 0.95 | 24.9753 | - 4.3401 | 35.5481 | - 1.475 | [6] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.10 | | Shenzhen Component Index change (%) | - 0.25 | | Ratio of rising to falling stocks | 0.28 | | Trading volume of the two markets (billion yuan) | 1931.138 | | Trading volume change compared with the previous day (billion yuan) | - 141.721 | [8]